KKR steps in to back $55M C round for biosimilars developer Coherus

Some substantial private equity money is being used to fuel the biosimilars push. Just months after inking a $246 million development deal with Baxter ($BAX) for a biosimilar of Enbrel, Redwood City, CA-based Coherus has rounded up a whopping $55 million C round, including cash from KKR.

The fledgling biotech has an impressive lineup of investors now. KKR, Venrock, RA Capital Management, Rock Springs Capital and Fidelity Biosciences joined existing investors Sofinnova Ventures, Lilly Ventures and Vivo Capital in this round. The biotech says it has now raised more than $220 million in equity cash and nondilutive funding.

"Since its founding four years ago, Coherus has made excellent progress on its goals of moving biosimilar biologics into Phase III trials and onto the market," Coherus CEO Denny Lanfear said in a statement. "The capital resources provided by our investors will allow us to prosecute our development plans, optimize our partnering strategies and deliver essential therapeutics to patients faster."

The Baxter deal last September followed another pact Coherus struck more than a year ago, agreeing to develop biosimilars of Enbrel and Rituxan (rituximab) for Daiichi Sankyo in certain Asian markets, excluding Japan. Coherus was formed back in 2010.

As part of the financing, Ali Satvat, director on KKR's health care investing team, is joining the board of directors of Coherus.

- here's the release